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After her father's ship is carried off by a sudden storm, the spunky Pippi Longstocking (Tami Erin) is stranded with her horse, Alfonso, and monkey, Mr. Nilsson, and takes up residence in the old family home, Villa Villekulla, which is thought by neighborhood children to be haunted. Soon, two children, Tommy (David Seaman Jr.) and his sister, Annika (Cory Crow), venture into there only to meet up with her. They soon become friends and get into various adventures together, including cleaning the floor with scrubbing shoes, dodging the "splunks", going down a river in barrels, running away in a homemade autogyro, keeping the house from being demolished by crooks, and helping Pippi with the problem of having to go to a foster home. She eventually chooses to go after she, Tommy, and Annika almost fall down a waterfall, and their parents refuse to let her play with them anymore. She does not fit in with the other children and misses her friends. That night, however, she saves the foster home from a fire and becomes the town heroine. She decides that the children's home is not for her and is allowed to return to Villa Villekulla and befriend Tommy and Annika once more. She is reunited with her father on Christmas Day and he offers her the chance to become a cannibal princess, since he was washed ashore on an uncharted island where he was crowned king but when they prepare to leave, at the last minute she decides to stay after seeing that everyone in the village is sad to see her go.

Atlantic Records issued the film's motion picture soundtrack upon its release, in both LP and CD formats (LP: 91016-1, CD: 91016-2). It was also issued in Japan by Polydor Records (CD: P32P-20156).[1] The Atlantic LP and CD had 22 tracks, with the score by Misha Segal, and all of the songs.[2] It is out of print, and hard to find.

The New Adventures of Pippi Longstocking received generally negative reviews from film critics. The film has a 17% approval rating on review aggregator website Rotten Tomatoes. Despite this however, it is much more popular with the general public, as 70% of the audience have given it a favorable opinion.